The Financial Crimes Enforcement Network (FinCEN) Tuesday fined a money transfer business based in Hamtramck, Michigan and its owner for processing millions of dollars in wire transfers to Yemen without any due diligence on those involved.… Continue Reading
Posts Tagged: Bank Secrecy Act
Commerzbank AG agreed to pay $1.45 billion for doing business with Iran and other sanctioned countries and its failure to have adequate money laundering controls, the DOJ and New York financial regulator said Thursday.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) fined the Trump Taj Mahal Casino Resort $10 million Friday for willful and repeated violations of the Bank Secrecy Act.
Trump Taj Mahal in Atlantic City, New Jersey admitted to willful BSA violations, including lapses in anti-money laundering, recordkeeping, and reporting requirements.… Continue Reading
The First National Community Bank of Dunmore, Pennsylvania (FNCB) admitted that it failed to file suspicious activity reports on transactions linked to the judicial corruption scheme known as “cash for kids” that spanned more than five years.… Continue Reading
The Federal Deposit Insurance Corporation (FDIC) issued guidance Wednesday encouraging its insured banks to take a risk-based approach in assessing individual customer relationships.
The FDIC said in its Financial Institution Letter that looking at risk on a case-by-case basis is better than declining to provide banking services to entire categories of customers.… Continue Reading
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) assessed a $20 million civil penalty against Oppenheimer & Co., Inc. for “willfully violating” the Bank Secrecy Act.
Oppenheimer is a securities broker–dealer based in New York.… Continue Reading
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) assessed a $300,000 civil penalty against North Dade Community Development Federal Credit Union in Miami Gardens, Florida for violating the Bank Secrecy Act (BSA).… Continue Reading
Burke & Herbert Bank & Trust must develop a new top-to-bottom compliance program and hire people to run it under the terms of an order issued by the Federal Deposit Insurance Corporation.… Continue Reading
Assistant Attorney General Leslie R. Caldwell said Monday that Sung-Hee Suh has been appointed to serve as deputy assistant attorney general overseeing the appellate, capital case, and fraud sections of the Justice Department’s criminal division.… Continue Reading
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) defined the concept of a “culture of compliance” in a six-page advisory Monday that was aimed at senior management, leadership and owners of financial institutions subject to FinCEN’s regulations.… Continue Reading
The Financial Crimes Enforcement Network (FinCEN) announced Tuesday its assessment of a civil penalty against Georgia-based Mian, Inc. for violating the Bank Secrecy Act’s program and reporting requirements.
Mian, a money services business (MSB), committed numerous violations even after being put on notice by the Internal Revenue Service’s that it had deficiencies in meeting its reporting obligations.
U.S. regulators are investigating Charles Schwab and Bank of America’s Merrill Lynch brokerage over whether they are doing enough to verify their clients’ identities as part of their anti-money laundering programs. … Continue Reading